In a world where venture capital is often dominated by a select few, the launch of a new fund led by Native American women marks a significant milestone. This initiative not only aims to empower underrepresented founders but also seeks to create a lasting impact in various sectors. The story behind this venture is as inspiring as its mission.
The Inspiration Behind Velveteen Ventures
Betsy Fore’s journey into the world of venture capital is deeply personal. At the age of five, she received a Velveteen Rabbit from her grandmother, a gift that sparked her imagination and belief in the power of love and transformation. This cherished memory has now become the namesake of her venture firm, Velveteen Ventures, which officially launched recently.
A Shift in Perspective
After nearly two decades of building her own companies, Fore realized that her true potential lay in supporting other entrepreneurs. “I recognized that I could create a more significant impact by being on the other side of the table,” she shared. Her impressive track record includes founding Tiny Organics, a baby food company, and Wondermento, an app development platform.
Investment Focus and Goals
While specific fundraising goals remain undisclosed, SEC filings indicate that Velveteen Ventures began its fundraising efforts in October. The firm, located in the Midwest, plans to invest between $500,000 and $4 million in seed and Series A companies, with a focus on healthcare, climate, consumer goods, and community development. The aim is to support at least 15 to 20 innovative startups.
Breaking Barriers in Venture Capital
With the establishment of Velveteen Ventures, Fore joins a select group of Native American women who have launched venture firms in the United States. This is particularly significant given the historical challenges faced by Native American founders in securing funding. Fore is dedicated to changing this narrative and has previously established a nonprofit organization to provide mentorship and resources to aspiring Native entrepreneurs.
Exciting Developments in Fundraising
Describing the fundraising journey, Fore expressed her excitement about securing institutional support right from the start. She emphasized the importance of aligning with purpose-driven investors who recognize the potential for strong returns in the Midwest.
Building a Diverse Team
Joining Fore in this venture is Karla Brollier, who will focus on climate investments and brings her own Native heritage to the firm. Additionally, Katherine Stabler has been appointed as the chief operating officer, bringing years of legal expertise from private funds to the team.
Honoring Heritage and Creating Impact
Fore is committed to honoring her ancestors through her work with Velveteen Ventures. She plans to allocate a portion of the fund’s profits to support Native American tribes, reinforcing her belief that financial success and social responsibility can coexist. “While not an impact fund, Velveteen aims to demonstrate that profitability and purpose can go hand in hand,” she stated.
A Bright Future Ahead
With a wealth of experience from her previous roles at various venture firms and an upcoming book on entrepreneurship, Betsy Fore is poised to make a significant impact in the venture capital landscape. Velveteen Ventures represents not just a new fund, but a movement towards inclusivity and empowerment in the startup ecosystem.